Federal regulators have turned down a request by Eversource and other electric utilities to halt the payback to customers of $1.6 billion in past rate charges, although other court challenges are still in play.
The Federal Energy Regulatory Commission on March 19 cut what is known as the base return on equity for New England transmission owners, and ordered approximately $1.5 billion in refunds to customers to cover what it says were excess charges between 2015 and now. The refund includes about $880 million to Eversource customers in New Hampshire, Massachusetts and Connecticut and lesser amounts to customers of other utilities, including Unitil, Liberty and New Hampshire Electric Cooperative.
Several companies asked FERC to put the refunds on hold while they appeal the decision in court, but the regulators denied that request.
The utilities are also appealing the decision in federal court. It’s possible that the rebates will be given out, but then overturned if the utilities are successful in court. This was a main argument by the companies when they sought a delay in the rebates, saying it could give customers “rate whiplash.”
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